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Sydney Hotel Offered for Sale under New Strata Rules

Sussex-St-252-Sydney-Facade_620x380

The Seasons Harbour Plaza hotel in Darling Harbour will be the first hotel offered for sale in Sydney under changes to the Strata Schemes Management Act.

Price expectations are over $70 million, with the hotel currently operated under a lease agreement with Seasons Apartment Hotel Group, however, vacant possession is also available to an incoming purchaser.

Located at 252 Sussex Street, the asset represents a unique opportunity as one of only a handful of hotels to be offered for sale in recent years.

The revised NSW legislation allows stratas to be collapsed by 75% of owners rather than unanimous consent. The new law has helped fast-track a number of sales which would have normally been halted by the need for a 100% vote.

“In one of the most tightly held markets in the country, the sale of Seasons Harbour Plaza Sydney represents an incredibly rare opportunity to secure a hotel asset with immense opportunity,” Colliers International Head of Hotels Gus Moors said.

“The prime central CBD location, within walking distance to public transport, entertainment districts and the new International Convention Centre, means we expect a high level of interest from domestic and international buyers.”

According to Colliers International, the Sydney CBD hotel market has consistently high occupancy levels over an extended period and Average Daily Rates (ADR) have been increasing sharply over recent years as owners capitalise on the continuing strength of the market.

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Article originally posted at: https://theurbandeveloper.com/articles/sydney-hotel-set-test-drive-new-strata-renewal-rules